Jacob & Co. and ArtGrails to Auction Off the First Luxury NFT Watch
Will the Upcoming NFT Auction Benefit Jacob & Co. Or It’s Just Hype?
When it comes to buzzworthy stuff, fashion brands are always ready to experiment. We have seen it previously with Pokémon Go and blockchain. Now, the brands and going after the latest trend, NFTs or non-fungible tokens that are digital assets hyped by celebs like Grimes and Elon Musk. The latest addition to the hype is the NFT auction by Jacob & Co.
This auction is being organized by Jacob & Co. in collaboration with ArtGrails. The latter is an NFT platform, and they plan to launch the first-ever NFT luxury watch launch. During the launch, ArtGrails will auction a unique NFT that is created by the luxury watch brand. The design is handled by the internal design team of Jacob & Co.
The Jacob & Co. NFT
The NFT watch is Jacob & Co.’s SF24 Tourbillon, which will be the first-ever NFT luxury watch. The design is based on the retailer’s Epic SF24 tourbillon design, but with alterations and added functions making it a unique design for the NFT world, such as a functioning tourbillon and a split-flap system that displays ten cryptocurrencies rather than famous cities.
Like any other auction, the highest bidder will not just get the unique NFT, but it will also get all the physical accoutrements like a case and a certificate of ownership. The case will contain a hard drive and the NFT. If you have not guessed yet, let us tell you that the non-fungible token is a digital rendering of a Jacob & Co. watch that is meant to lure collectors and investors who want to invest in a unique piece.
The CEO of Jacob & Co., Benjamin Arabov, talked about this new initiative. He said that NFTs are the new ground for the watchmaker, but the technology would have a bright future in the fashion world. He stated, “It’s definitely a bit of a risk.” The man is not wrong, as the costs for producing the NFT are around the same as creating a real watch. He also said, “We want to make some noise in the space and get people paying attention to NFTs, and hopefully pave the path for our competitors to go there as well.”
The founder of ArtGrails, Avery Andon, said that NFTs are good for the fashion world as they can help prevent the sale of counterfeits. If that happens, it will help brands like Jacob & Co. He said, “Yesterday, we had an issue where someone was posing as one of our users and had dumped about 100 fake NFTs onto the market. We got on the phone with that user, and, within an hour, we had every single fake removed. A place like eBay is flooded with fakes, but NFTs provide a great way to block things like that. You could add an NFT to every watch you sell, and you’d be able to track them all perfectly.” In other watch news, the MB&F Horological Machine No. 9 is a marvel you cannot miss!
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